Electric vehicle (EV) startup MOOEV Technologies recently raised Rs 4 crore in seed funding, led by Bizdateup, with additional support from Inflection Point Ventures and Spectrum Impact, an investment arm of Aarti Industries Family Office.
The funding will enable MOOEV to deploy an initial fleet of 15 electric heavy-duty trucks, bolstered by the development of high-voltage charging infrastructure specifically tailored to support the fleet’s needs.
Founded in 2021 by Ennarasu Karunesan, Raghavendra Mysore, and Ramesh Kumar VG, MOOEV takes a comprehensive engineering approach to address critical hurdles in electrifying heavy-duty commercial vehicles in India. Their services facilitate the conversion of freight fleets to electric through robust solutions in engineering, operations, and management, aimed at sustainable short-haul transportation.
Headquartered in Chennai, MOOEV is already in discussions with over five prominent corporate groups seeking to incorporate electric trucks into their logistics frameworks. In line with its vision, the company also plans to grow its EV Fleet-as-a-Service and EV Charge-as-a-Service offerings, further expanding its charging network to support additional electric vehicles.
As per industry forecasts, India’s electric truck sector is expected to expand to between 4,000 and 6,000 units by March 2025, positioning MOOEV to make a significant impact in this growing market.